Stock Market Today, Nov. 12: Nebius Group Sinks Nearly 17% After Lowering 2026 Outlook
Nebius Group (NASDAQ:NBIS), an AI-focused cloud infrastructure and graphics processing unit (GPU) capacity provider, closed at $128.64, down 16.84%. The stock fell after a third-quarter revenue beat gave way to a lowered 2026 outlook and higher capital-spending plans, with investors watching delivery timing and 2026 revenue execution next.
Trading volume reached 67.6 million shares, coming in about 211% above its three-month average of 21.8 million shares.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) fell 0.35% to 7,592, while the Nasdaq Composite (NASDAQINDEX:^IXIC) slipped 0.39% to 25,366. Among AI cloud infrastructure and data center services peers, CoreWeave (NASDAQ:CRWV) closed at $56.60, down 6.86%, and IREN (NASDAQ:IREN) finished at $19.48, down 6.53%, underscoring pressure across neocloud names.
What this means for investors
On Thursday, Nov. 12, Nebius Group's premarket third-quarter earnings release revealed the company had to lower its 2026 revenue outlook to the low end of its original $3.0 billion to $3.4 billion range. Delays in the construction of new third-party owned data centers caused a portion of anticipated revenue for this year to shift into 2027, but investors sold off the stock anyway.
To mitigate this risk going forward, Nebius intended to focus more of its artificial intelligence infrastructure expansion on owned and operated sites, which allow it to better control timelines. In fact, some of its own sites currently under construction are ahead of schedule.
Despite Wall Street's sell-off, Nebius' business looks stronger than ever. Customer demand for AI compute capacity is so strong, the company is able to dictate higher prices and larger upfront payments. In fact, its prepayments on Q3 agreements now cover 100% of the cost to build new data center capacity, up from just 50% to 60% in Q2.
This means Nebius does not have to tap debt markets to fund expansion, unlike rivals such as CoreWeave. Consequently, Nebius anticipates it will reach profitability on a pre-tax basis as early as Q4.
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Robert Izquierdo has positions in CoreWeave and Iren. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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